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[SMM Steel Morning News] OPEC may discuss further production cuts on May 10
Apr 22,2020 08:59CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

 

Wednesday, 22 April 2020

Breakfast news

Rising factor

1. Bureau of Statistics: China's steel bar output fell 2.9% in March compared with the same period last year

According to the latest data from the National Bureau of Statistics, China's steel bar output in March 2020 was 19.015 million tons, down 2.9 percent from the same period last year, and the cumulative output from January to March was 53.028 million tons, down 1.9 percent from the same period last year. In March, the output of China's medium and thick wide steel strip was 13.172 million tons, an increase of 11.0 percent over the same period last year, and the cumulative output from January to March was 39.845 million tons, an increase of 11.4 percent over the same period last year.

In March, the output of wire rod (wire rod) in China was 11.52 million tons, down 5.5 percent from the same period last year, and the cumulative output from January to March was 3345.1 tons, down 3.3 percent from the same period last year. In March, China's raw iron ore output was 74.757 million tons, up 9.1 percent from the same period last year, and the cumulative output from January to March was 187.902 million tons, down 0.1 percent from the same period last year.

2. Citic Securities: may usher in a peak in local government bond issuance in May

The Citic Securities Macro Research team released a study on April 21, saying that at present, due to the restrictions on the quota arrangement for the issuance of local government bonds in the early period, the pace of bond issuance in April has slowed significantly. The Ministry of Finance announced that it will continue to issue 1 trillion yuan of special bonds in the near future. It is expected that the peak of local government bond issuance will be ushered in May. At the same time, the gradual increase in fiscal countercyclical strength will also continue to improve investment growth in the second quarter.

Falling factor

1. A shares fluctuated lower, the Prev index stopped three times.

The Shanghai Composite Index closed down 0.9 per cent at 2827.01 points; the Shenzhen Composite Index fell 1.08 per cent to 10506.86 points; the gem index fell 0.95 per cent to 2023.94 points; the two cities closed at nearly 650 billion yuan, slightly lower than the previous day. The net outflow of capital to the north was 2.753 billion yuan, ending the situation of net inflow for 5 consecutive days.

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